Ghana’s financial inclusion drive is facing a new test as the gap between access to financial services and actual financial well-being raises questions about whether the country’s expanding banking and mobile money ecosystem is translating into improved household financial security.
Although more than eight in every 10 Ghanaian adults now own a financial account, only 22% were financially healthy, according to the 2021 Financial Inclusion and Demand-Side Survey, highlighting a significant gap between account ownership and the ability of households to manage money, withstand financial shocks and build long-term financial security.
The disparity is prompting the Ministry of Finance to shift the country’s financial inclusion agenda towards measurable improvements in financial health, with implications for banks, mobile money operators, insurance companies, pension providers and other financial service businesses.
Deputy Finance Minister Thomas Ampem Nyarko disclosed the figures at the inauguration of a National Technical Working Committee tasked with developing Ghana’s second National Financial Inclusion and Development Strategy for 2027 to 2031.
He said data from the World Bank’s Global Findex 2025 showed that more than 80% of Ghanaian adults held financial accounts, but access alone had not guaranteed financial resilience or improved economic well-being.
“We have become good at opening accounts. We must now become better at making accounts improve lives,” he said.
The new strategy, being developed in collaboration with the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development, Her Majesty Queen Máxima of the Netherlands, is expected to provide a framework for strengthening financial resilience, expanding responsible financial services and improving economic empowerment.
For financial institutions, the proposed shift could require a rethink of product development, moving beyond customer acquisition and transaction volumes towards savings mobilisation, affordable credit, insurance coverage and retirement planning.
This is particularly relevant for Ghana’s large informal economy, where many workers may operate mobile money or bank accounts without having adequate savings, insurance or pension arrangements to protect their livelihoods against unexpected financial pressures.
Mr Nyarko said the strategy would prioritise responsible financial services, digital innovation, consumer protection, financial literacy and resilience, particularly among women, young people, farmers, informal sector workers and small businesses.
Government also plans to establish a Financial Inclusion Council to improve coordination and accountability among stakeholders, alongside a financial health framework to measure the financial well-being of households.
The strategy is expected to be launched in the first half of 2027.
Financial services face a product development test
Her Majesty Queen Máxima said Ghana must recognise that financial inclusion was a means of improving people’s lives rather than an achievement measured solely by the number of accounts opened.
She argued that access to financial services must translate into practical protection against economic shocks, including illness, accidents, droughts and other emergencies that could destabilise household finances.
“Financial inclusion is a means to an end, not an end in itself. You don’t become better by having an account. You’re going to become better when you have an insurance that is going to protect you when there’s drought,” she said.
She identified four essential dimensions of financial health: managing day-to-day finances, building resilience against financial shocks, pursuing financial goals and maintaining confidence in one’s financial future.
These, she said, required households to have access to appropriate savings products, affordable insurance, pension schemes and financial tools that supported effective income and expenditure management.
Queen Máxima noted that Ghana had increased financial inclusion from approximately 30% in 2011 to about 80% currently, making it important to ensure that the expansion translated into stronger financial security.
She urged financial institutions to develop products that reflected the financial realities of different customer groups, including women, older persons and rural and urban households.
She cited automated savings products that set aside portions of customers’ income as one approach to encouraging consistent savings and improving financial discipline.
She also called for stronger collaboration among financial sector regulators to expand affordable insurance and pension coverage, while leveraging digital payments and data sharing to improve service delivery.
The Queen said achieving financial health would require sustained cooperation among government, regulators, financial institutions and development partners.
“My partners and I are going to be accompanying you along the way in order to develop this financial health and make it a reality,” she said.
The National Technical Working Committee brings together financial sector regulators, financial institutions, development partners and other stakeholders to guide the development of the 2027–2031 strategy.
